Leicester are at the top of the league table at the moment with 69 points from 32 matches, seven points clear of second-placed Tottenham Hotspur.
Arsenal are 11 points off the pace and have a game in hand, and Shearer has backed them to win all of their final matches.
“As for the title race, it is too late for City, but it wouldn’t surprise me if Arsenal go on a run and win all of their remaining games,” the former Newcastle striker wrote on Coral.co.uk.
“However, we’ve waited for Leicester to slip up all season, but they haven’t yet, and with a seven point lead ahead of Spurs, I fully expect them to go on and win the title now.”
Leicester are firm favourites to win the Premier League title this season and can actually afford to lose two more matches.
Given the way the Foxes have been playing in recent months, it is unlikely that they will suffer a major collapse in the final weeks of the campaign.
True, Claudio Ranieri’s side could drop points and draw matches, but the title does look to be heading to Leicester.
As for Arsenal, they have recovered some form lately, but it does appear that it is all about finishing in the top four for them.
The Gunners are likely to end up third, but they should be pushing for the second spot in the Premier League table.